Anorak Technologies has scored a £4m seed funding round from Kamet Ventures, AXA’s €100m incubator.
Anorak uses data science and machine learning technology to help consumers in the UK get the correct cover they need. The technology collects and analyses data about a user’s family, home, income and finance, to find the right policy from major insures.
The company’s API can be integrated with existing platforms and Anorak has partnered with online banking and e-commerce platforms, so it can help consumers with policies at the right time.
Anorak co-founder and CEO David Vanek said, “Using data science and software engineering, we have digitised the entire journey, including policy rating and matching, ‘translating’ insurance jargon into plain English, to empower people to make the right choices about their life insurance. We see ourselves as a smart data company that delivers independent insurance advice, founded on trust and transparency.”
Earlier in the week, home insurance platform Hippo closed a $25m Series B round led by Comcast Ventures. The Californian company helps consumers to get a quote a policy within 60 seconds, and this capital will launch several expansion initiatives.
The UK InsurTech sector saw a huge rise in funding during Q4 of 2017, with the sector seeing $417m deployed across six deals, while the remaining quarters saw a combined total of $42.5m in eight transactions.